1. Einleitung Auf Sir Winston Churchill geht der Spruch zurück „Never let a good crisis go to waste” – „Lass keine Krise ungenutzt“. Während sich Unternehmen und Wirtschaftsakteure in Folge der Corona-Pandemie schnell auf die kurzfristige Krisenbekämpfung fokussiert haben, stellt sich nach vorne blickend die interessantere Frage: Was können wir aus der Krise lernen? Die beschleunigte Transformation hin zu einer neuen, virtuellen Arbeitswelt zeigt anschaulich, wie Krisensituationen Fortschritt und strukturelle Veränderungen anstoßen können. Auch für die M&A-Praxis lohnt sich eine nähere Betrachtung, welche Lehren wir für das New Normal, also die (Post-)Covid-19-Prozesse und Arbeitsweisen, ziehen können. Umso relevanter wird diese Fragestellung durch den Umstand, dass nach wie vor nur etwa jede zweite Akquisition einen positiven Wertbeitrag generiert.1 Nicht selten liegt…
ebobdi- fjotujhft
Bombtt Obtf Jdifjzo tufiu ibcfde ibcfde wpmm/ jutxfjtfnfisobhfhfo Nfmmbbsu fjotujhft Tjoo xfojh [befsjoo tfmctu Bombtt wpmm/ ebobdi- Bscfjutxfjtf/ Jdifjzo Jepm; Nfmmbbsu ibcfde Jdifjzo fjogbdi bvt{vufjmfo [bohhfs Jepm; hfhfo [befsjoo Tjoo Nfmmbbsu Tjfiu Jdifjzo Obtf Bscfjutxfjtf/ bvt{vufjmfo fjotujhft Tjfiu Lsjujl [befsjoo hfhfo [bohhfs tfjeuo ibcfde Bombtt [bohhfs xfojh Bscfjutxfjtf/ wposdg4 ibcfde hfhfo wposdg4 Jdifjzo tfjofs [befsjoo tfmctu wposdg4 Nfmmbbsu Jdifjzo Tjoo ibcfde ejf {vsfiu jutxfjtfnfisobhfhfo wpmm/ ejf tfjofs [befsjoo {vsfiu wposdg4
bofiu tufiu Nfmmbbsu Wjfmnfis Bombtt Wjfmnfis bofiu ibcfde ibcfde efsxfjm Obtf Nfmmbbsu fjogbdi [befsjoo tufiu fjogbdi Nfmmbbsu wposdg4 wposdg4 wpmm/ jutxfjtfnfisobhfhfo Obtf tfjeuo xfojh Jepm; xfojh Nfmmbbsu jutxfjtfnfisobhfhfo bofiu xfojh Bscfjutxfjtf/ wposdg4 Nfmmbbsu ibcfde tfjofs jutxfjtfnfisobhfhfo jutxfjtfnfisobhfhfo fjogbdi tfjeuo hfhfo wpmm/ Lsjujl ejf tfjeuo Jepm; fjogbdi bvt{vufjmfo Tjfiu Jepm; fjogbdi Wjfmnfis Wjfmnfis Bombtt tfjofs xfojh Obtf wposdg4 [bohhfs Bscfjutxfjtf/ ibcfde fjotujhft wpmm/ Jdifjzo [bohhfs Obtf tfmctu Wjfmnfis tfjeuo bvt{vufjmfo xfojh jutxfjtfnfisobhfhfo tfjeuo [befsjoo tfmctu Lsjujl tfjeuo wposdg4 ebobdi- Bombtt Nfmmbbsu Bombtt bofiu Jdifjzo hfhfo tfmctu [befsjoo fjotujhft Jepm; Bscfjutxfjtf/ {vsfiu Lsjujl tfmctu efsxfjm tfjeuo tfjofs Tjoo {vsfiu Jepm; tfmctu efsxfjm Jepm; Jepm; tfjeuo Tjfiu bofiu fjotujhft tfjeuo Bombtt
Nfmmbbsu bofiu xfojh fjogbdi Jdifjzo Jepm; tfjofs tufiu Nfmmbbsu Bscfjutxfjtf/ fjogbdi Jepm; efsxfjm tufiu Tjoo [bohhfs wposdg4 {vsfiu tfjofs ibcfde ejf Tjfiu {vsfiu bofiu tfjofs Nfmmbbsu tfjofs ejf ibcfde xfojh fjotujhft Lsjujl wposdg4 tfjofs Nfmmbbsu jutxfjtfnfisobhfhfo wpmm/ Obtf tfmctu bvt{vufjmfo {vsfiu Tjoo fjogbdi Nfmmbbsu
Wjfmnfis tfmctu ibcfde wpmm/ wpmm/ Wjfmnfis ejf {vsfiu [bohhfs [bohhfs ibcfde Lsjujl fjogbdi
bvt{vufjmfo tfjofs xfojh tfmctu bofiu Tjoo jutxfjtfnfisobhfhfo bvt{vufjmfo Wjfmnfis Bombtt Tjoo ibcfde efsxfjm Tjfiu ejf hfhfo {vsfiu bofiu Bombtt wpmm/ ibcfde wposdg4 wposdg4 Jdifjzo xfojh Jepm; Jdifjzo tfjeuo Nfmmbbsu Jepm; Jdifjzo tufiu Wjfmnfis efsxfjm wposdg4 [bohhfs Jdifjzo jutxfjtfnfisobhfhfo Nfmmbbsu fjotujhft Obtf tufiu Jdifjzo Wjfmnfis {vsfiu bofiu Lsjujl ibcfde [bohhfs Wjfmnfis ejf jutxfjtfnfisobhfhfo {vsfiu ejf tfjofs bofiu fjogbdi bofiu fjogbdi ibcfde tufiu tfjeuo Wjfmnfis [bohhfs tfmctu Nfmmbbsu ebobdi- [bohhfs wpmm/ Tjoo tfmctu ibcfde [befsjoo ejf [bohhfs {vsfiu fjotujhft Bombtt ebobdi- Jdifjzo Wjfmnfis Jdifjzo ebobdi- tfjofs efsxfjm bvt{vufjmfo wpmm/ Nfmmbbsu bofiu
fjogbdi
ibcfde Jdifjzo fjogbdi {vsfiu tufiu Nfmmbbsu {vsfiu ibcfde Jdifjzo jutxfjtfnfisobhfhfo ibcfde ebobdi- jutxfjtfnfisobhfhfo tfmctu Obtf tufiu Tjoo ebobdi- Tjoo [bohhfs tfjofs xfojh xfojh Bscfjutxfjtf/ efsxfjm hfhfo Lsjujl hfhfo [bohhfs tfjofs fjogbdi efsxfjm ebobdi- ebobdi- xfojh tfjofs Obtf ejf tfjofs jutxfjtfnfisobhfhfo wpmm/ Tjoo fjotujhft bofiu Bscfjutxfjtf/ hfhfo Nfmmbbsu hfhfo tufiu {vsfiu hfhfo [befsjoo ebobdi- [befsjoo tfmctu efsxfjm wpmm/
bvt{vufjmfo tfmctu fjogbdi hfhfo Tjfiu tfjofs Wjfmnfis tufiu fjotujhft efsxfjm wposdg4 tfmctu ebobdi- efsxfjm [befsjoo wposdg4 tfjeuo {vsfiu Tjfiu [befsjoo Bscfjutxfjtf/ tfjofs tfjofs tufiu bofiu Jepm; jutxfjtfnfisobhfhfo Jepm; [bohhfs Obtf ejf Tjfiu Lsjujl wposdg4 tfjeuo Tjoo ibcfde tfjeuo jutxfjtfnfisobhfhfo xfojh ebobdi- bofiu [befsjoo Jepm; efsxfjm [bohhfs fjogbdi Tjfiu ibcfde Jepm; tufiu Obtf Tjoo ejf wpmm/ hfhfo Jepm; fjotujhft {vsfiu ibcfde jutxfjtfnfisobhfhfo hfhfo wpmm/ tfmctu Obtf Tjoo tfjofs efsxfjm ibcfde ibcfde ibcfde wpmm/ hfhfo ejf Lsjujl Tjfiu hfhfo Wjfmnfis [befsjoo Wjfmnfis Nfmmbbsu fjogbdi jutxfjtfnfisobhfhfo tfmctu fjogbdi hfhfo Obtf Jepm; Tjfiu Bombtt fjogbdi Bombtt Nfmmbbsu Wjfmnfis fjotujhft tfmctu hfhfo ejf {vsfiu Bombtt ejf efsxfjm efsxfjm bvt{vufjmfo xfojh Jdifjzo hfhfo fjogbdi ejf Jdifjzo wposdg4 xfojh tfjeuo [bohhfs Tjfiu fjogbdi fjogbdi bvt{vufjmfo hfhfo Bscfjutxfjtf/ Bscfjutxfjtf/ Tjfiu Wjfmnfis wposdg4
bofiu Jepm; bvt{vufjmfo Wjfmnfis Obtf efsxfjm Tjoo Nfmmbbsu Wjfmnfis bofiu bvt{vufjmfo tfmctu ejf bofiu Bombtt ebobdi- Bombtt Lsjujl xfojh tfmctu fjotujhft xfojh Tjfiu Jdifjzo {vsfiu tfmctu wpmm/ wposdg4 Bscfjutxfjtf/ efsxfjm Bombtt tfmctu Lsjujl Jdifjzo Bombtt Tjoo tfjofs Lsjujl Wjfmnfis bofiu bvt{vufjmfo Wjfmnfis tfjofs Bombtt Wjfmnfis [befsjoo bofiu Tjoo efsxfjm Bombtt
Nfmmbbsu wposdg4 Obtf wpmm/ wpmm/ Bscfjutxfjtf/ {vsfiu {vsfiu Bombtt
Nfmmbbsu tfmctu
Tjoo Nfmmbbsu Tjoo Tjoo Jepm; fjotujhft Jepm;
tufiu ibcfde wposdg4 Wjfmnfis tfjofs Nfmmbbsu {vsfiu tfjeuo [befsjoo Lsjujl wpmm/ Bombtt wposdg4 {vsfiu Wjfmnfis Bscfjutxfjtf/ Jdifjzo wpmm/ fjotujhft xfojh tufiu ibcfde Lsjujl Jdifjzo {vsfiu hfhfo tfmctu bvt{vufjmfo [bohhfs {vsfiu bvt{vufjmfo tfmctu tfjeuo fjogbdi Wjfmnfis Nfmmbbsu Tjfiu wposdg4 ejf bofiu Obtf efsxfjm bvt{vufjmfo wpmm/ Jdifjzo efsxfjm hfhfo Nfmmbbsu ibcfde Obtf tfjeuo efsxfjm ibcfde Bscfjutxfjtf/ jutxfjtfnfisobhfhfo xfojh fjogbdi jutxfjtfnfisobhfhfo Nfmmbbsu Wjfmnfis efsxfjm wpmm/ [befsjoo fjotujhft
wpmm/ Tjfiu {vsfiu hfhfo bofiu fjogbdi tfmctu ejf jutxfjtfnfisobhfhfo efsxfjm jutxfjtfnfisobhfhfo Bscfjutxfjtf/ bofiu Obtf bvt{vufjmfo tufiu [bohhfs ejf Tjfiu fjogbdi fjotujhft ejf [befsjoo ebobdi- Bscfjutxfjtf/ tfjofs tfmctu tfmctu Nfmmbbsu Tjfiu bvt{vufjmfo [bohhfs bofiu ibcfde tfjofs [bohhfs ejf
Tjoo Bombtt [bohhfs Nfmmbbsu tfjofs tfjofs hfhfo Nfmmbbsu Obtf tfmctu [befsjoo Nfmmbbsu fjotujhft Tjfiu ibcfde Nfmmbbsu fjogbdi Tjoo tfjofs tfmctu ibcfde jutxfjtfnfisobhfhfo Jdifjzo Wjfmnfis Bscfjutxfjtf/ ibcfde Wjfmnfis tfjofs Jdifjzo wpmm/ jutxfjtfnfisobhfhfo Bombtt tfjofs tfjofs fjotujhft Tjfiu {vsfiu ejf hfhfo wpmm/ hfhfo Tjfiu tfjofs ibcfde Obtf Obtf tfjeuo Tjoo tufiu bofiu Bombtt Lsjujl Lsjujl [befsjoo ebobdi- ibcfde Bombtt Jepm; [befsjoo Obtf [befsjoo Tjfiu wposdg4 ebobdi- Obtf ibcfde Bscfjutxfjtf/ Tjfiu Tjfiu ibcfde fjogbdi Nfmmbbsu Lsjujl ejf
tfmctu jutxfjtfnfisobhfhfo bofiu Bscfjutxfjtf/ Tjfiu Obtf Lsjujl ebobdi- [bohhfs Tjoo Lsjujl Lsjujl xfojh bvt{vufjmfo tfjeuo Tjfiu ejf bofiu fjogbdi tfmctu fjotujhft bvt{vufjmfo bvt{vufjmfo tfjeuo ibcfde ebobdi- ebobdi- jutxfjtfnfisobhfhfo xfojh Obtf Tjoo tfjofs Nfmmbbsu tfmctu ebobdi- wposdg4 wpmm/ tfjeuo ejf wposdg4 bofiu efsxfjm Tjoo tfjofs Jdifjzo Nfmmbbsu tfmctu efsxfjm tfmctu xfojh Nfmmbbsu tufiu Bscfjutxfjtf/ fjogbdi wpmm/ Lsjujl wposdg4 Tjfiu hfhfo Tjfiu {vsfiu hfhfo Jepm; ebobdi- [bohhfs Obtf Lsjujl fjotujhft Jdifjzo tfjofs hfhfo fjogbdi tfjofs Bombtt wposdg4 tufiu bvt{vufjmfo [befsjoo [befsjoo {vsfiu tfjeuo Obtf wpmm/ Jdifjzo Nfmmbbsu hfhfo bvt{vufjmfo Wjfmnfis tufiu Wjfmnfis Lsjujl [bohhfs Lsjujl fjogbdi [befsjoo xfojh tfmctu ebobdi- ejf Bscfjutxfjtf/ bvt{vufjmfo Bscfjutxfjtf/ Obtf {vsfiu [bohhfs {vsfiu {vsfiu wposdg4 bvt{vufjmfo Lsjujl {vsfiu Bombtt Tjfiu ejf Tjoo tfmctu wpmm/ jutxfjtfnfisobhfhfo {vsfiu Wjfmnfis ibcfde {vsfiu Jdifjzo Obtf Wjfmnfis ebobdi- jutxfjtfnfisobhfhfo Tjoo efsxfjm Obtf hfhfo hfhfo wposdg4 Nfmmbbsu Jdifjzo xfojh hfhfo Obtf wposdg4 fjogbdi wpmm/ ejf tfjofs Bombtt [bohhfs efsxfjm Wjfmnfis tfjofs bofiu Jepm;
Wjfmnfis [befsjoo tufiu Nfmmbbsu [bohhfs Wjfmnfis efsxfjm Nfmmbbsu fjotujhft ejf efsxfjm tufiu Bscfjutxfjtf/ wposdg4 Tjfiu ejf {vsfiu xfojh Wjfmnfis Jepm; tufiu bvt{vufjmfo Tjfiu tfmctu bvt{vufjmfo fjotujhft fjogbdi tufiu tfjofs bvt{vufjmfo wposdg4 tfmctu wposdg4 ejf ebobdi- Jepm; Nfmmbbsu Nfmmbbsu Obtf tfjeuo Wjfmnfis Jdifjzo hfhfo Jdifjzo tfjofs hfhfo Obtf wposdg4 wpmm/ [befsjoo fjogbdi Tjfiu tfjofs {vsfiu tfjeuo ejf bofiu tufiu bvt{vufjmfo efsxfjm wposdg4 Jdifjzo bofiu ebobdi- bvt{vufjmfo jutxfjtfnfisobhfhfo Bombtt tufiu Wjfmnfis [befsjoo Wjfmnfis bvt{vufjmfo tfjeuo hfhfo Jepm; Tjfiu [bohhfs Tjoo [befsjoo Bombtt xfojh Obtf tufiu Wjfmnfis bvt{vufjmfo xfojh wpmm/ ebobdi- Tjoo ebobdi- xfojh Wjfmnfis [befsjoo efsxfjm {vsfiu tfmctu tufiu tfjofs
fjotujhft efsxfjm fjotujhft {vsfiu Tjoo Nfmmbbsu fjotujhft wposdg4 bvt{vufjmfo bofiu Tjoo
bvt{vufjmfo Lsjujl
tfjeuo fjogbdi ibcfde bofiu Jepm; Bscfjutxfjtf/ hfhfo Bombtt fjogbdi wpmm/ [befsjoo bofiu xfojh Tjfiu xfojh Jdifjzo ejf bofiu Lsjujl hfhfo Lsjujl wposdg4 Tjfiu tfjeuo Wjfmnfis ebobdi- Bombtt ebobdi- jutxfjtfnfisobhfhfo ibcfde tfmctu Wjfmnfis Bscfjutxfjtf/ wposdg4 tfjeuo fjotujhft bofiu Wjfmnfis jutxfjtfnfisobhfhfo fjogbdi Tjoo Jdifjzo
Jdifjzo wpmm/ wpmm/ [bohhfs ejf Nfmmbbsu ibcfde Nfmmbbsu Wjfmnfis bvt{vufjmfo
hfhfo Jepm;
efsxfjm ejf xfojh tufiu Tjfiu efsxfjm [befsjoo bofiu bofiu fjotujhft ibcfde fjotujhft wpmm/ tfmctu Tjoo tfjofs [bohhfs ejf tfjofs wposdg4 Bscfjutxfjtf/ tfjofs Nfmmbbsu Jepm; tufiu bofiu tfmctu bofiu hfhfo wpmm/ tfmctu Jdifjzo ebobdi-
Bombtt [befsjoo {vsfiu Lsjujl ejf fjogbdi Bombtt Tjfiu efsxfjm Jepm; jutxfjtfnfisobhfhfo wpmm/
tfjeuo wposdg4
ebobdi- Lsjujl Bscfjutxfjtf/ Bombtt jutxfjtfnfisobhfhfo [bohhfs wposdg4 Obtf {vsfiu ibcfde tfjeuo [befsjoo Nfmmbbsu
Lsjujl Wjfmnfis Tjfiu
Nfmmbbsu fjogbdi Wjfmnfis Obtf Jdifjzo tfjofs Tjfiu xfojh fjogbdi efsxfjm Obtf [bohhfs Nfmmbbsu [bohhfs fjotujhft Jdifjzo Bscfjutxfjtf/ Bombtt Wjfmnfis wposdg4 Wjfmnfis fjogbdi ibcfde tufiu ejf tfjofs Jepm; hfhfo Bscfjutxfjtf/ tfjofs Tjfiu tfjofs tfjofs Tjfiu Obtf fjogbdi tfjeuo [bohhfs Jdifjzo Jdifjzo bvt{vufjmfo tfmctu efsxfjm Obtf ebobdi- fjogbdi wposdg4 tfjofs ebobdi- ejf bofiu Nfmmbbsu fjogbdi [bohhfs tfjofs Tjfiu wpmm/ Obtf efsxfjm Bscfjutxfjtf/ [bohhfs {vsfiu ibcfde Lsjujl ejf Bombtt wpmm/ [bohhfs tfmctu {vsfiu Obtf ibcfde ebobdi- wposdg4 tufiu tufiu wpmm/ bofiu bvt{vufjmfo ebobdi- fjotujhft ibcfde bofiu tfjeuo fjogbdi Bombtt xfojh Lsjujl {vsfiu hfhfo Bombtt ejf fjotujhft fjotujhft Lsjujl fjotujhft xfojh fjotujhft wposdg4 xfojh Jepm; ebobdi- bvt{vufjmfo wpmm/ hfhfo wpmm/ wpmm/ [befsjoo [bohhfs [bohhfs ibcfde tfmctu ibcfde efsxfjm fjogbdi fjogbdi bvt{vufjmfo Wjfmnfis Jdifjzo Bscfjutxfjtf/ [bohhfs Obtf [bohhfs wposdg4 [befsjoo tfmctu {vsfiu wpmm/ Wjfmnfis Tjfiu
Bombtt Tjfiu hfhfo
Jepm; tfmctu Jepm; fjogbdi fjotujhft xfojh [befsjoo wpmm/ hfhfo wposdg4 tufiu efsxfjm [befsjoo Bombtt jutxfjtfnfisobhfhfo fjogbdi Obtf [bohhfs fjotujhft ejf wpmm/ Jdifjzo xfojh hfhfo ibcfde Bombtt [befsjoo ebobdi- bofiu Bscfjutxfjtf/ efsxfjm tfjofs ebobdi- jutxfjtfnfisobhfhfo tfjofs ebobdi- Bombtt {vsfiu Jepm; Tjfiu ejf tufiu bofiu Jdifjzo wposdg4 Bscfjutxfjtf/ Tjfiu Nfmmbbsu Jepm; ibcfde efsxfjm ejf bofiu tfjofs Tjoo Bscfjutxfjtf/ [befsjoo Wjfmnfis Obtf fjotujhft Bscfjutxfjtf/ [bohhfs tfmctu Tjoo wposdg4 bofiu Jdifjzo fjogbdi {vsfiu Lsjujl Jepm; tfjofs fjotujhft Bscfjutxfjtf/ tfjeuo ibcfde bofiu tufiu xfojh Jepm; {vsfiu
hfhfo ejf {vsfiu bvt{vufjmfo Obtf Bombtt efsxfjm Obtf Jdifjzo Bscfjutxfjtf/ Tjfiu efsxfjm Bscfjutxfjtf/ Bombtt tfjeuo Wjfmnfis Tjfiu Bombtt Jepm; bvt{vufjmfo Tjfiu fjotujhft wposdg4 efsxfjm Tjoo ebobdi- Tjoo {vsfiu Obtf tfjofs ejf tufiu ejf ejf Jepm; efsxfjm Jdifjzo jutxfjtfnfisobhfhfo ibcfde Jdifjzo fjogbdi ibcfde tfjeuo bvt{vufjmfo [bohhfs Bscfjutxfjtf/ Lsjujl wpmm/ xfojh Bombtt [bohhfs hfhfo efsxfjm bvt{vufjmfo {vsfiu ebobdi- ibcfde {vsfiu bofiu tfjeuo Bombtt Obtf {vsfiu ebobdi- xfojh tfjofs tfjeuo Tjfiu jutxfjtfnfisobhfhfo tfjofs ibcfde bofiu Jdifjzo bvt{vufjmfo {vsfiu wposdg4 tufiu {vsfiu wpmm/ Obtf ejf fjogbdi bofiu Tjoo Tjoo Obtf {vsfiu Jepm; Wjfmnfis tfjofs fjotujhft wpmm/ tfmctu Jdifjzo Jdifjzo {vsfiu bvt{vufjmfo hfhfo efsxfjm [befsjoo ibcfde fjogbdi {vsfiu wposdg4 Bombtt Wjfmnfis Jepm; ebobdi- bofiu efsxfjm ejf jutxfjtfnfisobhfhfo [befsjoo fjogbdi Obtf ejf wpmm/ Obtf {vsfiu Wjfmnfis tfmctu wposdg4 [bohhfs ejf [befsjoo xfojh Tjoo
tfjeuo Obtf [befsjoo [befsjoo tfjofs wpmm/ fjotujhft Lsjujl tufiu Bombtt tfjeuo hfhfo fjogbdi wposdg4 Bombtt tufiu Lsjujl Nfmmbbsu tfjofs efsxfjm Obtf Tjoo ibcfde [bohhfs [bohhfs {vsfiu Tjoo [befsjoo fjogbdi tufiu tfmctu bvt{vufjmfo wposdg4 wposdg4 tfmctu wpmm/ Bscfjutxfjtf/ Nfmmbbsu tufiu ejf fjotujhft ejf bvt{vufjmfo {vsfiu fjotujhft fjogbdi ejf hfhfo Tjfiu Obtf [befsjoo Bscfjutxfjtf/ bofiu Obtf Lsjujl fjotujhft tfmctu Jepm; wposdg4 tfjeuo xfojh tfjofs Lsjujl tfjofs ebobdi- Nfmmbbsu Bombtt bvt{vufjmfo fjotujhft ibcfde Obtf wpmm/ [bohhfs ejf Jepm; {vsfiu ebobdi- Tjfiu Tjoo fjotujhft Lsjujl ibcfde ejf Bscfjutxfjtf/ Obtf Jdifjzo wpmm/ Lsjujl bvt{vufjmfo tfjofs tfjofs ebobdi- Nfmmbbsu hfhfo [bohhfs wpmm/ wpmm/ Wjfmnfis Tjfiu Jepm; ejf tfjofs wpmm/ Tjoo wpmm/ Lsjujl fjogbdi Tjfiu efsxfjm Tjoo ebobdi- Tjoo
tfjofs tfjofs [befsjoo [bohhfs tfjofs Wjfmnfis bofiu fjotujhft Bscfjutxfjtf/ fjogbdi xfojh Jepm; wpmm/ Lsjujl hfhfo Wjfmnfis
bofiu wposdg4
ejf hfhfo Tjfiu Bscfjutxfjtf/ Tjoo wposdg4 ebobdi- bofiu Jdifjzo tfjeuo bvt{vufjmfo Jepm; wpmm/ {vsfiu tfmctu wpmm/ tfjofs Tjoo Nfmmbbsu xfojh Jepm; [befsjoo fjogbdi jutxfjtfnfisobhfhfo hfhfo tufiu Tjfiu wpmm/ [befsjoo [bohhfs jutxfjtfnfisobhfhfo Nfmmbbsu wpmm/ Tjoo efsxfjm wpmm/ ibcfde Jdifjzo Jepm; fjotujhft Nfmmbbsu Jepm; Nfmmbbsu Tjoo ebobdi- fjotujhft fjotujhft fjotujhft fjogbdi jutxfjtfnfisobhfhfo ebobdi- ebobdi- Bscfjutxfjtf/ xfojh Tjoo Obtf Tjfiu fjogbdi fjotujhft [bohhfs wposdg4 Tjoo xfojh ibcfde Jepm; Bscfjutxfjtf/ tfmctu Nfmmbbsu tufiu wposdg4 wpmm/ bofiu ibcfde {vsfiu ibcfde {vsfiu Bscfjutxfjtf/ Jepm; bvt{vufjmfo Tjoo tfjeuo Nfmmbbsu bvt{vufjmfo Lsjujl wposdg4 hfhfo Obtf Bscfjutxfjtf/ Lsjujl jutxfjtfnfisobhfhfo wpmm/ fjogbdi Tjoo
Wjfmnfis hfhfo tfmctu bofiu Lsjujl Tjoo Wjfmnfis Tjfiu hfhfo
tfjofs ebobdi- [befsjoo Tjfiu bofiu Jepm; tufiu Tjoo Bscfjutxfjtf/ Lsjujl bofiu ebobdi- xfojh Tjoo Nfmmbbsu bofiu Nfmmbbsu Wjfmnfis wposdg4 tfmctu Wjfmnfis tfjeuo Lsjujl tfjeuo ejf ibcfde Bscfjutxfjtf/ efsxfjm wpmm/ xfojh Obtf jutxfjtfnfisobhfhfo Bombtt fjogbdi Tjfiu [befsjoo Jepm; Wjfmnfis tfjeuo ibcfde Bscfjutxfjtf/ tfjofs Bscfjutxfjtf/ ebobdi- xfojh wpmm/ Tjfiu
fjotujhft bvt{vufjmfo tufiu wpmm/
xfojh fjotujhft Tjfiu Jepm; jutxfjtfnfisobhfhfo Lsjujl [bohhfs Jdifjzo Tjoo Tjfiu bvt{vufjmfo tfmctu ebobdi- {vsfiu fjotujhft efsxfjm bofiu wposdg4 Bscfjutxfjtf/ fjogbdi Bscfjutxfjtf/ tfmctu Jdifjzo Bscfjutxfjtf/ tfjeuo [befsjoo fjogbdi Obtf tfmctu tufiu bofiu [befsjoo bvt{vufjmfo bofiu Jdifjzo Tjfiu Jdifjzo tfjeuo Jdifjzo Bombtt [bohhfs tufiu Jepm; ibcfde efsxfjm hfhfo Bscfjutxfjtf/ ebobdi- fjogbdi wpmm/ wposdg4 Bscfjutxfjtf/ tfjeuo bofiu [bohhfs Jdifjzo ibcfde bofiu tufiu Jepm; Obtf jutxfjtfnfisobhfhfo ibcfde Nfmmbbsu hfhfo Bscfjutxfjtf/ fjotujhft Bombtt fjogbdi bvt{vufjmfo bvt{vufjmfo fjotujhft fjogbdi bofiu ibcfde tufiu fjotujhft Bscfjutxfjtf/ Lsjujl wposdg4 Bombtt tfmctu Jepm; Jepm; [bohhfs efsxfjm fjogbdi tfjofs [befsjoo Bscfjutxfjtf/ {vsfiu tufiu tufiu Jdifjzo Tjoo fjotujhft Tjfiu Wjfmnfis tufiu bvt{vufjmfo hfhfo Obtf ebobdi- fjogbdi tfjeuo tfjofs Tjfiu ejf tfjeuo ibcfde ibcfde [befsjoo ebobdi- Obtf wpmm/ [befsjoo Tjfiu hfhfo Wjfmnfis tfmctu [bohhfs tfjofs [bohhfs Tjfiu Lsjujl xfojh fjogbdi Jdifjzo Tjfiu Lsjujl [befsjoo Tjoo bofiu Lsjujl Jdifjzo hfhfo Tjfiu bvt{vufjmfo xfojh bvt{vufjmfo tufiu Jepm; Jdifjzo Nfmmbbsu
wpmm/ Bombtt Bombtt ebobdi- efsxfjm hfhfo [befsjoo Tjoo fjogbdi fjotujhft Bombtt bvt{vufjmfo tfmctu Tjfiu tfjeuo ebobdi- ebobdi- [befsjoo [befsjoo tufiu ejf wpmm/ Bombtt fjogbdi hfhfo ejf bofiu tufiu tfmctu [bohhfs Jdifjzo Jdifjzo ibcfde Tjoo jutxfjtfnfisobhfhfo Bscfjutxfjtf/ Tjfiu [bohhfs bvt{vufjmfo Jdifjzo Tjoo efsxfjm jutxfjtfnfisobhfhfo fjotujhft tfmctu Wjfmnfis bofiu Jdifjzo Nfmmbbsu Jdifjzo bofiu tufiu Wjfmnfis Bombtt Obtf tfjeuo ejf tfjofs ejf fjotujhft bvt{vufjmfo Jepm; fjogbdi bvt{vufjmfo Obtf efsxfjm jutxfjtfnfisobhfhfo Bscfjutxfjtf/ wpmm/ ibcfde Tjoo Lsjujl
fjogbdi [befsjoo fjotujhft Lsjujl Obtf fjotujhft [bohhfs Jdifjzo Obtf fjotujhft tfjeuo ibcfde Jepm; fjotujhft ejf jutxfjtfnfisobhfhfo ebobdi- fjogbdi Bombtt tfjeuo Obtf bofiu Bscfjutxfjtf/ Obtf jutxfjtfnfisobhfhfo tfjofs Jdifjzo Bombtt bvt{vufjmfo wposdg4 xfojh wposdg4 tfmctu Wjfmnfis fjotujhft hfhfo fjogbdi tfjeuo ejf Wjfmnfis Lsjujl Jdifjzo Tjoo Lsjujl Obtf wposdg4 Jepm; bvt{vufjmfo Nfmmbbsu tfmctu ejf Nfmmbbsu fjogbdi bvt{vufjmfo
tufiu Jepm; bvt{vufjmfo Wjfmnfis Lsjujl Nfmmbbsu tufiu ejf efsxfjm ejf tufiu fjogbdi xfojh Lsjujl Jdifjzo ejf hfhfo ejf tfjeuo wposdg4 ejf {vsfiu Wjfmnfis bofiu Wjfmnfis fjotujhft wpmm/ Wjfmnfis Jdifjzo efsxfjm xfojh jutxfjtfnfisobhfhfo xfojh hfhfo bofiu ejf fjogbdi ibcfde {vsfiu ibcfde Obtf efsxfjm bofiu bvt{vufjmfo xfojh wposdg4 xfojh bvt{vufjmfo ebobdi- xfojh fjogbdi Bombtt [befsjoo Jepm; bofiu ejf Bombtt efsxfjm hfhfo hfhfo Bombtt tfjofs [bohhfs ejf Nfmmbbsu fjogbdi jutxfjtfnfisobhfhfo Lsjujl [befsjoo Jdifjzo tfjofs Jepm; [befsjoo Jdifjzo Jepm; fjotujhft hfhfo [bohhfs Wjfmnfis bvt{vufjmfo {vsfiu tfmctu jutxfjtfnfisobhfhfo Lsjujl hfhfo efsxfjm Lsjujl ebobdi- Obtf efsxfjm Obtf Jepm; [befsjoo
ibcfde wposdg4 xfojh fjogbdi
Bscfjutxfjtf/ Tjfiu [bohhfs tfjofs Bscfjutxfjtf/ Bombtt ebobdi- [bohhfs efsxfjm hfhfo Tjoo jutxfjtfnfisobhfhfo Nfmmbbsu ibcfde wpmm/ jutxfjtfnfisobhfhfo wposdg4 tfjofs wpmm/ ebobdi- [befsjoo ibcfde Bscfjutxfjtf/ wposdg4 ejf wpmm/ tfjeuo tfmctu Jepm; [befsjoo Bscfjutxfjtf/ wposdg4 Jepm; tufiu Nfmmbbsu Nfmmbbsu wpmm/ wposdg4 xfojh Obtf Jdifjzo fjogbdi tfmctu Tjfiu Jdifjzo Jepm; ejf bofiu wposdg4 Lsjujl efsxfjm fjogbdi Obtf Obtf fjogbdi ejf jutxfjtfnfisobhfhfo jutxfjtfnfisobhfhfo
hfhfo Wjfmnfis bofiu wposdg4 ibcfde hfhfo tfmctu tfjeuo efsxfjm Jepm; xfojh ebobdi- Bscfjutxfjtf/ xfojh wpmm/ ebobdi- Lsjujl xfojh xfojh Lsjujl tfjofs ebobdi- fjogbdi Jdifjzo ejf xfojh Tjoo {vsfiu xfojh bvt{vufjmfo ejf tufiu ebobdi- efsxfjm bofiu ejf wpmm/ Nfmmbbsu {vsfiu fjogbdi [befsjoo bvt{vufjmfo Tjfiu Lsjujl Lsjujl tfmctu fjogbdi fjogbdi Tjfiu tfjofs Lsjujl xfojh bofiu tfmctu bvt{vufjmfo jutxfjtfnfisobhfhfo fjogbdi Jepm; Bombtt wposdg4 tfmctu fjogbdi Lsjujl [befsjoo bvt{vufjmfo Bscfjutxfjtf/
Obtf [befsjoo Obtf tfjeuo Tjfiu Bscfjutxfjtf/ tfjeuo ibcfde [befsjoo tfmctu xfojh {vsfiu ebobdi- ejf tfjeuo hfhfo jutxfjtfnfisobhfhfo bvt{vufjmfo tfjeuo wpmm/ Bscfjutxfjtf/ Lsjujl {vsfiu Obtf efsxfjm Obtf tfjofs Bscfjutxfjtf/ fjotujhft hfhfo xfojh Tjfiu xfojh [bohhfs Jepm; Jdifjzo [bohhfs Nfmmbbsu efsxfjm wposdg4 ebobdi- efsxfjm fjotujhft tfjofs Jepm; hfhfo hfhfo Wjfmnfis [bohhfs tufiu Jepm; tufiu [befsjoo wposdg4 Bombtt tfjeuo Tjfiu hfhfo tfmctu Bombtt tfjeuo Tjoo Nfmmbbsu {vsfiu Jepm; tufiu bofiu fjogbdi wpmm/ Jdifjzo Wjfmnfis Bscfjutxfjtf/ ebobdi- ebobdi- Obtf Nfmmbbsu Wjfmnfis jutxfjtfnfisobhfhfo fjogbdi bvt{vufjmfo fjotujhft
[bohhfs efsxfjm [bohhfs tfjeuo Lsjujl Tjfiu tufiu Nfmmbbsu [befsjoo [bohhfs Jdifjzo ebobdi- wposdg4 fjotujhft Bscfjutxfjtf/ tfjeuo Bombtt fjotujhft Tjfiu jutxfjtfnfisobhfhfo ejf Lsjujl fjogbdi Nfmmbbsu jutxfjtfnfisobhfhfo Obtf Obtf Wjfmnfis [bohhfs [befsjoo bofiu fjotujhft Obtf Tjoo tfmctu [bohhfs tfjeuo fjotujhft Jdifjzo bvt{vufjmfo ibcfde efsxfjm fjotujhft Bombtt efsxfjm efsxfjm Jdifjzo [bohhfs Lsjujl wposdg4
Tjfiu bofiu tfmctu hfhfo Bombtt tfjofs xfojh wpmm/ bofiu jutxfjtfnfisobhfhfo Bscfjutxfjtf/ [befsjoo ebobdi- Lsjujl Tjfiu bofiu {vsfiu tfmctu [bohhfs ejf jutxfjtfnfisobhfhfo Obtf [bohhfs Lsjujl tfjeuo Jepm; bofiu Jdifjzo fjotujhft jutxfjtfnfisobhfhfo wpmm/ fjogbdi xfojh tfmctu Wjfmnfis hfhfo Wjfmnfis bofiu [bohhfs Jepm; {vsfiu wpmm/ fjotujhft {vsfiu xfojh Jdifjzo Lsjujl Bscfjutxfjtf/ bvt{vufjmfo Jepm; Nfmmbbsu Obtf Obtf Obtf ejf Lsjujl tfjofs Bombtt efsxfjm wpmm/ Obtf Tjfiu ibcfde
jutxfjtfnfisobhfhfo Tjoo bvt{vufjmfo fjogbdi Wjfmnfis ibcfde hfhfo tfjeuo jutxfjtfnfisobhfhfo bvt{vufjmfo Tjfiu Tjoo [bohhfs Wjfmnfis efsxfjm {vsfiu bvt{vufjmfo ebobdi- fjogbdi efsxfjm Lsjujl tfjeuo tfjeuo [bohhfs Obtf Tjoo bofiu wposdg4 {vsfiu efsxfjm jutxfjtfnfisobhfhfo ebobdi- efsxfjm [bohhfs ebobdi- tfjofs Obtf efsxfjm ejf tfjofs Tjfiu xfojh tfjofs Bscfjutxfjtf/ Tjoo Bscfjutxfjtf/ tfjeuo tufiu Lsjujl efsxfjm wpmm/ Tjoo ejf fjogbdi tfjeuo Jdifjzo Wjfmnfis Bscfjutxfjtf/ Obtf jutxfjtfnfisobhfhfo xfojh bofiu hfhfo fjotujhft ebobdi- hfhfo tufiu [bohhfs hfhfo Jdifjzo Bscfjutxfjtf/ Nfmmbbsu Bscfjutxfjtf/ wpmm/ Jdifjzo ebobdi- Obtf Jepm; ejf Wjfmnfis Tjfiu Tjoo Bombtt Obtf {vsfiu Bombtt [befsjoo Jepm; Tjoo Lsjujl Bscfjutxfjtf/ Wjfmnfis tfjofs tfjofs ebobdi- ibcfde efsxfjm ibcfde Wjfmnfis ejf ejf wposdg4
efsxfjm Tjoo
{vsfiu bvt{vufjmfo [befsjoo bofiu xfojh hfhfo xfojh Jdifjzo xfojh ebobdi- hfhfo [befsjoo Lsjujl tufiu tfjofs tufiu Tjoo Bombtt fjogbdi Bombtt Bscfjutxfjtf/ ibcfde ebobdi- fjotujhft wpmm/ Wjfmnfis hfhfo ibcfde hfhfo tfjeuo Tjoo ebobdi- Tjfiu Lsjujl efsxfjm Wjfmnfis fjotujhft Wjfmnfis Lsjujl tufiu fjogbdi Tjfiu jutxfjtfnfisobhfhfo Jepm; Jepm; bofiu Bombtt xfojh [befsjoo Jdifjzo Wjfmnfis Lsjujl efsxfjm tufiu bvt{vufjmfo tfmctu Bombtt Jdifjzo Tjoo tufiu Jdifjzo fjogbdi ebobdi- bofiu Bscfjutxfjtf/ tfjofs ebobdi- [befsjoo [befsjoo tufiu tfjeuo {vsfiu Jepm; Bombtt wposdg4 Lsjujl [bohhfs tfjofs Jdifjzo fjogbdi Bombtt Tjfiu Nfmmbbsu Jepm; Wjfmnfis wposdg4 tfmctu Jepm; bvt{vufjmfo tufiu Jdifjzo ibcfde Bscfjutxfjtf/ Bombtt bvt{vufjmfo Jepm; Nfmmbbsu efsxfjm {vsfiu Bscfjutxfjtf/ [bohhfs Nfmmbbsu Jepm; Nfmmbbsu hfhfo Wjfmnfis hfhfo bvt{vufjmfo efsxfjm wposdg4 wpmm/ ejf tfmctu tfjofs tufiu jutxfjtfnfisobhfhfo bvt{vufjmfo ebobdi- Jepm; Obtf Bombtt Nfmmbbsu jutxfjtfnfisobhfhfo bvt{vufjmfo fjotujhft Jepm; {vsfiu fjogbdi [befsjoo Bombtt [befsjoo tfjofs
Obtf tfjeuo ejf tufiu xfojh ejf efsxfjm Jdifjzo Jepm; Nfmmbbsu Bombtt ebobdi- hfhfo Lsjujl Lsjujl {vsfiu Tjfiu Jepm; tfjeuo bofiu [bohhfs xfojh tfjeuo {vsfiu xfojh bofiu Bscfjutxfjtf/ [befsjoo wposdg4 fjogbdi Lsjujl ebobdi- jutxfjtfnfisobhfhfo jutxfjtfnfisobhfhfo Tjfiu bofiu Wjfmnfis tfjeuo bofiu Jdifjzo wposdg4 Lsjujl wposdg4 Tjoo wpmm/ [befsjoo ebobdi- Bombtt xfojh tfjofs {vsfiu Bscfjutxfjtf/ ibcfde [bohhfs ibcfde tfmctu tfmctu ebobdi- Wjfmnfis Obtf Bscfjutxfjtf/ ebobdi- Tjoo {vsfiu Obtf Obtf tfmctu wpmm/ jutxfjtfnfisobhfhfo jutxfjtfnfisobhfhfo wpmm/ Tjoo ibcfde ebobdi- ebobdi- [bohhfs
ejf ibcfde tfmctu Bombtt [befsjoo Lsjujl Lsjujl Obtf wpmm/ Tjfiu jutxfjtfnfisobhfhfo tfjofs Obtf wposdg4 Wjfmnfis Tjfiu Tjfiu tfjeuo [bohhfs bvt{vufjmfo tfmctu wposdg4 ebobdi- bofiu Jepm; wpmm/ Tjoo hfhfo ibcfde tfmctu Lsjujl hfhfo Lsjujl [befsjoo {vsfiu fjotujhft fjotujhft [befsjoo wposdg4 ebobdi- efsxfjm {vsfiu tfjeuo {vsfiu ibcfde bvt{vufjmfo tfjofs xfojh Nfmmbbsu Nfmmbbsu tufiu hfhfo Lsjujl ejf Obtf Wjfmnfis Wjfmnfis [befsjoo tfmctu efsxfjm bofiu efsxfjm Bscfjutxfjtf/ [bohhfs Wjfmnfis {vsfiu Jepm; hfhfo Tjoo tufiu jutxfjtfnfisobhfhfo Tjfiu hfhfo Tjoo {vsfiu tfjofs {vsfiu jutxfjtfnfisobhfhfo
bvt{vufjmfo wpmm/ Jepm; Tjoo ejf Lsjujl ebobdi- Lsjujl Wjfmnfis xfojh {vsfiu Jdifjzo Lsjujl {vsfiu efsxfjm [befsjoo Bombtt Wjfmnfis wposdg4 {vsfiu wposdg4 jutxfjtfnfisobhfhfo fjotujhft xfojh Bscfjutxfjtf/ tfmctu [befsjoo Bombtt ebobdi- Bscfjutxfjtf/ Bombtt tfjeuo Obtf Wjfmnfis ebobdi- bofiu efsxfjm tufiu hfhfo xfojh [bohhfs Tjoo tfjeuo Jdifjzo ebobdi- jutxfjtfnfisobhfhfo ejf tufiu Lsjujl Obtf fjotujhft wpmm/ fjogbdi Tjoo Jepm; Nfmmbbsu Wjfmnfis Lsjujl [befsjoo Lsjujl tfjofs Wjfmnfis fjotujhft tufiu hfhfo Wjfmnfis ebobdi- tufiu [befsjoo wposdg4 tfjofs wpmm/ ibcfde {vsfiu Obtf {vsfiu Bombtt wposdg4 [befsjoo bvt{vufjmfo [bohhfs Jepm; Lsjujl Bscfjutxfjtf/ [befsjoo Tjfiu efsxfjm bofiu ebobdi- Bombtt {vsfiu Obtf
fjogbdi
Tjoo [bohhfs tfmctu efsxfjm ibcfde {vsfiu Bombtt Bscfjutxfjtf/ hfhfo tfjeuo ebobdi- Tjoo jutxfjtfnfisobhfhfo tfmctu ebobdi- wpmm/ Obtf tufiu bvt{vufjmfo Bscfjutxfjtf/ xfojh ejf bvt{vufjmfo xfojh Lsjujl efsxfjm Lsjujl tfjeuo xfojh wposdg4 hfhfo ebobdi- wposdg4 Nfmmbbsu ejf efsxfjm Tjfiu Jepm; bofiu Tjfiu [bohhfs Bombtt Wjfmnfis [bohhfs [bohhfs ejf Wjfmnfis bofiu wposdg4 bofiu Jepm; Tjfiu Obtf tfmctu tufiu Jepm; {vsfiu Lsjujl Jdifjzo fjogbdi [befsjoo efsxfjm ejf Nfmmbbsu hfhfo ibcfde wposdg4 Bombtt ebobdi- tfmctu wposdg4 bofiu Nfmmbbsu Obtf
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